3 Increasing the down payment on a montgage reduces both the size of the monthly payments and the fotal indorost paid. amount specified, and (b) the amount saved on interest over the itfe of the loan. Assume the morigage is for 20 years and use the amortization table to find the monthly payments Calculate (a) the reduction in the monthly payment by increasing the down payment by the Increase in Amount of Loan Interest Rate Down Payment Down payment Monthiy Payment on a $1,000 loan $187,000 8% 34,000 $8,000 Click the lcon to view a table of monthly payments on a $1,000 loan a The monehly paymentwll torose bywhen the dowon payment nrse 000 Number of Years for the Loan (Round to the nearest cent as needed) nnsal Interest Rate3 10 20 30 b. Increasing the down payment by $8,000 saved s on interest over the life of the loa Round to the nearest cent as needed) 29.53 $22.58 $10.12 $6.06 $4.77 5% 6% 8% 10% 12% 29.97 2303 1061660 537 3042 23.49 11.10 7.16 6.00 31.34 2441 1213 8.36 7.34 32.27; 2536 | i3.22 | 965 | 8.78 33.21 6.33 1435 1101 10.29 Enter your answer in each of the answer boxes. Print Done